Wholesale Real Estate Investor 101 Female Support

Wholesale Real Estate Investor 101 Female Support

Member since 2018 · 8 posts · 5 votes

I am completely interested in the wholesale real estate investing arena. I am in the Tampa Bay, FL area, a full-time mom, wife, and in transition in career roles. I am really great in my daytime career and have been highly compensated for my value that I put into reputable companies for several years.

With that being said, I have been diving in deep in volume of knowledge from different parts of the Internet if you will about wholesaling. There's a great deal of wealth out there, however, everyone learns differently. The education and training that is structured from A-Z is highly expensive from many experts in REI.

I understand in this field you have to put in the work and apply action to get results. When I was fortunate to gain the knowledge and experience from completing my Masters, then my confidence in what I do skyrocket and I was looked upon as a subject matter expert in my field in major corporations. My goal is to skyrocket as a REI under the right leadership and mentoring.

Right now, I started doing driving for dollars, absentee owners list, calling buyers, however, I come from a massive process, KPI, metric background in order to scale for larger companies. How do one do it as One without a strong process or system in place?

Thank you so much for taking the time to read my post!

Blessings,


Ruth Mac

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Investor and Real Estate Mentor · Boca Raton, FL · Member since 2016 · 177 posts · 33 votes
7y

Hello Ruth!

First thing, I'm not far from you! I live in South Florida (Fort Lauderdale) and come to Tampa often to meet other women in the biz :)

You're right, there is so much information about there and some great and some not so great! You can find a lot of value without spending a ton of money to do so. I suggest real estate meetings, local REIA's, women in real estate, etc. on meetup and the events section of BiggerPockets.

You have great drive and I have no doubt you'll succeed in this field as well. What you need is a step by step system on how to run your business to keep it consistently bringing in deals and closing them! My recommendation is to build the system first before scaling to a larger system. It will make it much easier on you in the long run.

Here are the steps I'd recommend:

1. Find the right geographical zone depending on what you want to do- wholesale, fix and flip, buy and hold. Then find a title company that is willing to work with you and is investor friendly. You also might want to find an agent that can run comps for you. I pay them to do so.

2. Find your buyers first. Why? This brings you confidence to go out there and know you have people interested in the property but also know you can get it sold easier with having buyers already in place. You don't want to go and find properties then you cannot get it sold.

3. Find your sellers. There are a ton of different ways to do this- drive for dollars, aging listings on the mls, vacant homes, etc.

4. GET EVERYTHING IN WRITING. So once you get it under contract with the seller, go to the title company and give them the contract with your earnest money. THEN market it. If you co-wholesale, get that under contract with the other person and take it to the title company as well to protect you.

5. Once you have both seller and buyer contract you can move forth with closings and the title company is great with that! :)

Also, having a marketing system for once you have a property is great too. 


Now this is just a very BROAD overview. I could talk all day on all the details.

Biggest thing is just do it. You can do this. You'll learn as you go. A mentor is always great to streamline just make sure to do your research before hiring one :) 

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  • Investor and Real Estate Mentor · Boca Raton, FL · Member since 2016 · 177 posts · 33 votes
    7y

    Hello Ruth!

    First thing, I'm not far from you! I live in South Florida (Fort Lauderdale) and come to Tampa often to meet other women in the biz :)

    You're right, there is so much information about there and some great and some not so great! You can find a lot of value without spending a ton of money to do so. I suggest real estate meetings, local REIA's, women in real estate, etc. on meetup and the events section of BiggerPockets.

    You have great drive and I have no doubt you'll succeed in this field as well. What you need is a step by step system on how to run your business to keep it consistently bringing in deals and closing them! My recommendation is to build the system first before scaling to a larger system. It will make it much easier on you in the long run.

    Here are the steps I'd recommend:

    1. Find the right geographical zone depending on what you want to do- wholesale, fix and flip, buy and hold. Then find a title company that is willing to work with you and is investor friendly. You also might want to find an agent that can run comps for you. I pay them to do so.

    2. Find your buyers first. Why? This brings you confidence to go out there and know you have people interested in the property but also know you can get it sold easier with having buyers already in place. You don't want to go and find properties then you cannot get it sold.

    3. Find your sellers. There are a ton of different ways to do this- drive for dollars, aging listings on the mls, vacant homes, etc.

    4. GET EVERYTHING IN WRITING. So once you get it under contract with the seller, go to the title company and give them the contract with your earnest money. THEN market it. If you co-wholesale, get that under contract with the other person and take it to the title company as well to protect you.

    5. Once you have both seller and buyer contract you can move forth with closings and the title company is great with that! :)

    Also, having a marketing system for once you have a property is great too. 


    Now this is just a very BROAD overview. I could talk all day on all the details.

    Biggest thing is just do it. You can do this. You'll learn as you go. A mentor is always great to streamline just make sure to do your research before hiring one :) 

  • Realtor · Rocklin · Member since 2016 · 128 posts · 67 votes
    7y

    That is fantastic advice from @Elizabeth Klingseisen.  I would just add that the book Finding and Funding Great Deals by Anson Young would definitely be a great book for you to read.  Make sure you attend every meetup in your area to start talking with active investors and the big players in your market.  Find out what they are looking for.  Then go out and find it.  Good luck!  

  • Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    7y

    IT is ILLEGAL to market properties you do not own. You have been given BAD information. It is a violation of FL licensing laws.

    https://www.richardhornsby.com/crimes/regulatory/unlicensed-practice-of-real-estate.html

  • Investor and Real Estate Mentor · Boca Raton, FL · Member since 2016 · 177 posts · 33 votes
    7y
    Originally posted by @John Thedford:

    IT is ILLEGAL to market properties you do not own. You have been given BAD information. It is a violation of FL licensing laws.

    https://www.richardhornsby.com/crimes/regulatory/unlicensed-practice-of-real-estate.html

    It depends how you structure a wholesaling deal. If you market the contract it's not illegal. Please refer to this article by Jeff Watson who is an attorney and authority in wholesaling:

    https://www.realestateinvestingmastery.com/624-illegal-wholesale-properties-jeff-watson-says-depends

  • Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    7y

    You might also want to research FRAUD by inducement:)

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    7y
    Originally posted by @Ruth McCrackin:

    I am completely interested in the wholesale real estate investing arena. I am in the Tampa Bay, FL area, a full-time mom, wife, and in transition in career roles. I am really great in my daytime career and have been highly compensated for my value that I put into reputable companies for several years.

    With that being said, I have been diving in deep in volume of knowledge from different parts of the Internet if you will about wholesaling. There's a great deal of wealth out there, however, everyone learns differently. The education and training that is structured from A-Z is highly expensive from many experts in REI.

    I understand in this field you have to put in the work and apply action to get results. When I was fortunate to gain the knowledge and experience from completing my Masters, then my confidence in what I do skyrocket and I was looked upon as a subject matter expert in my field in major corporations. My goal is to skyrocket as a REI under the right leadership and mentoring.

    Right now, I started doing driving for dollars, absentee owners list, calling buyers, however, I come from a massive process, KPI, metric background in order to scale for larger companies. How do one do it as One without a strong process or system in place?

    Thank you so much for taking the time to read my post!

    Blessings,


    Ruth Mac

     Ruth Mac

    So let me ask you this.

    Do you have a website?

    If no.. you are pretty much doing all that effort for not!

    Everyone thinks being successful means you have to find leads. WRONG!

    You can find all the leads you want, if you are not credible you are simply throwing a heap load of crap against a wall hoping something will stick. Is this a way to become predictability successful? No!

    No matter what ANYONE says here... STOP.. get a website. Do SEO, work on credibility (conversion).. TEN and ONLY then go drive traffic to your site, DMM, D4D.. etc etc.

    Seriously though... don't be a rookie... don't drive for dollars,  if you are going to start a business do it right. No one is going to believe you have cash enough to buy a house if you are slaving hours driving door to door looking for deals.

    Do you see Nike, driving door to door trying to sell people their shoes? No.

    If you want to be big, act big!

    If you DO have a website.. if I see the word "WIX" anywhere on your website Ima hurt you!

    Want to wholesale? SHOW everyone you are the BOSS. Act like a small time wholesaler (driving for dollars)... you will forever be seen as a small time wholesaler.

    So this is what you do.

    Get a website. DO SEO, work on credibility.

    Then send out a moderate DMM campaign in to get your first deal.

    This first deal is crucial. Here is why. Now you know you can do it. Now you know what you did wrong and what can be improved. Your second deal will come quickly if you are smart enough to tweak your system, ALWAYS as you go.

    So there. Get your website now!

  • Member since 2018 · 8 posts · 5 votes
    7y

    Thanks All,

    All this is great wealth of knowledge. @Elizabeth Klingseisen. much appreciate the step by step outline of where to start and put focus into. I agree as well on a Marketing strategy for my business. 

    @Kim Stofan That was a really great idea on meetups. I went to my first REIA group yesterday and was well worth it. I met some folks there.

    @Jerryll Noorden, I am taken massive action in getting a website, although, I have read and watch not to bother with one in the beginning of your wholesaling journey. Thanks so much for taking the time to share your top secrets on this with me!!

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    7y

    @Jerryll Noorden, I am taken massive action in getting a website, although, I have read and watch not to bother with one in the beginning of your wholesaling journey. Thanks so much for taking the time to share your top secrets on this with me!!

    I will disown you if you slack or delay on that website! 

  • Rental Property Investor · Columbia, SC · Member since 2019 · 21 posts · 2 votes
    7y

    @Elizabeth Klingseisen This is so informative! Thank s for this post! I am finding myself in the buyers shoes now that I am starting. I have a few questions if you have time I would enjoy your reply to my following questions. Who writes the contract to put the property under contract? Is this the written agreement? Any advice on seeking out buyers first? Thank you again! Hope to keep in touch.

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